The Court also approved $150 million of interim debtor-in-possession financing for immediate use by the company to continue operations, pay employees, and purchase goods and services going forward. In conjunction with the filing, USG received commitments for up to $350 million in DIP financing from JP Morgan Chase to supplement liquidity and fund operations during the restructuring process. A final hearing on the DIP agreement is expected to occur in 30 to 60 days.
The Court also granted approval for the company to honor customer programs in place at the time of the filing, including rebates, credits and discounts on previously purchased goods.
Despite the filing, the company continues to remain open.
USG and its subsidiaries filed their voluntary petitions in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. The filing also included U.S. subsidiaries United States Gypsum Company, USG Interiors, Inc. and L&W Supply Corporation. USG's international operations were excluded form the filing.
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